The downward U.S. Q4 GDP growth revision to 2.2% The downward U.S. Q4 GDP growth revision to 2.2% from 2.6% retained the 2-handle thanks to a smaller than expected downward net export bump of just $4.9 B, alongside boosts in the service consumption and intellectual property components that can't be guessed in advance. Real goods consumption posted a surprising small downward bump alongside higher price figures. Analysts saw the expected big downward revision of $24.7 B for inventories, and smaller expected boosts for construction and equipment spending. Our Q1 GDP estimate will remain at 2.5% until analysts can review Monday's income report, with fairly balanced risks following today's data. The average real GDP growth clip for the expansion slipped to 2.3% (was 2.4%) from 2.4% in Q3, 2.2% in Q2, and 2.1% in Q1, but the same 2.3% back in Q3 and Q4 of 2013 to leave little underlying acceleration as analysts enter 2015 beyond the lift to "real" consumption from falling gasoline prices that will help Q1, but with headwinds from mining sector weakness and a weather hit that might exacerbate a likely inventory growth drop-back.

FX Action: The dollar rallied after the revised GDP data FX Action: The dollar rallied after the revised GDP data, which was a touch better than forecasts. EUR-USD edged under 1.1325 from 1.1340, as USD-JPY popped to near 119.45 from 119.25. Equity futures pared some of their modest losses, though remain slightly under water into the open, while yields firmed up a bit.

Energy Action: NYMEX crude is trading at $49.00 Energy Action: NYMEX crude is trading at $49.00 early in the session, after ranging between $48.64 and $49.49 overnight. China National Petroleum Corp increased its estimate for demand growth to 3% overnight, which was supportive, though reduced U.S. refinery usage should keep U.S. crude inventories bloated for the near term. RBOB gasoline is near three-week highs, trading over $1.93/gallon, lifting average U.S. retail prices another 3 cents, to $2.37/gallon. Natural gas futures remain heavy at $2.73/M BTU, after sliding 4% Thursday following the EIA inventory report which revealed a smaller draw in supplies than expected.